NVIDIA Corp (NVDA) Q2 2025 (USD): Adj. EPS 0.68 (exp. 0.64), Revenue 30.04bln (exp. 28.68bln); approved an additional USD 50bln in share buyback and maintained quarterly dividend at 0.01/shr

Revenue Breakdown:

• Data center 26.3bln (exp. 25.08bln).


• Professional Visualization 454mln (exp. 451.1mln).


• Automotive 346mln (exp. 347.9mln).


• Gaming 2.9bln (exp. 2.79bln).

Key Metrics:

• Adj. gross margin 75.7% (exp. 75.5%).


• R&D expenses 3.09bln (exp. 3.08bln).


• Adj. operating expenses 2.79bln (exp. 2.81bln).


• Adj. operating income 19.94bln (exp. 18.85bln).

Guidance:

• For FY, gross margins expected to be in the mid-70% range.


• FY operating expenses expected to grow in the mid- to upper-40% range.


• Q3 revenue view 32.5bln plus or minus 2% (exp. 31.9bln).

Blackwell Commentary:

• Blackwell samples are shipping to partners and customers.


• Hopper demands remains strong and anticipation for Blackwell is incredible.


• Customers continue to accelerate Hopper architecture purchases while gearing up to adopt Blackwell.


• Shipped customer samples of Blackwell architecture in Q2.


• Blackwell is scheduled to begin in Q4 and continue into FY26.


• Hopper demand is strong and shipments expected to increase in H2 FY25.


• Expects to ship several bln dollars Blackwell revenue in Q4.

Reaction details (21:34)

• Nvidia shares have been very choppy after-hours, but are currently lower by roughly 3%, with shares swinging between gains of 2% and losses of 10% seen at the extremes.


• E-mini S&P and NQ 100 have mirrored NVDA price action, but now reside off extremes.

Regarding its peers:

• 
  AMZN -0.7%.


• 
  GOOGL -0.3%.


• 
  META -0.6%.


• 
  SMCI -4.6%.


• 
  ARM -2%.


• 
  ASML ADR -1.5%.


• 
  AVGO -2.2%.


• 
  QCOM -1.3%


• 
  Semiconductor ETF SOXX -1.7%.


• 
  ADM -2.3%.

Analysis details (21:34)

• 
  Nvidia conference call is 22:00BST/17:00EDT

28 Aug 2024 - 21:20- EquitiesImportant- Source: Nvidia IR